Foster’s backs $10.1B offer from SABMiller

SABMiller said Wednesday it has managed to win the support of the board of Foster’s Group for its takeover of the Australian brewer after increasing its offer to $10.1 billion.

The deal, subject to approval by shareholders and regulators, would bring Australia’s biggest brewer within the portfolio of the world’s second largest brewer by volume.

London-based SABMiller said it had unanimous backing from the Foster’s board for the offer of 5.10 Australian dollars ($5.23) per share. Foster’s said other provisions of the deal raised the total value to 5.5325 Australian dollars per share.

The Australian company had last month rejected an offer that valued it at 4.90 Australian dollars per share.